Solana Price Prediction as SOL Bounces Back Up Above $100 – Can SOL Reach $1,000 in 2024?
Solana price predictions are becoming more bullish with SOL having bounced back up above the key psychologically important $100 level.
The SOL price has twice bounced from support around $85 since the start of 2024, suggesting strong dip-buying by the bulls.
The cryptocurrency has been struggling since hitting multi-year highs above $125 in December.
That’s because many traders have aggressively been taking profit following the cryptocurrency’s powerful rally since September.
SOL hit lows in the $17s in September and has since pumped around 475% thanks to a broader spot Bitcoin ETF fuelled crypto market rally, but also amid renewed interest in strong use case boasting and high potential Ethereum layer-1 blockchain alternatives.
Speculators flocked to the Solana blockchain in late 2023 amid frenzied meme coin trading and airdrop hunting.
This sent Solana-based meme coins like Bonk (BONK) surging and triggered an explosion of on-chain activity.
Data presented by The Block shows that network activity has since cooled off somewhat, giving traders more reason to take profit on their SOL gains.
SOL has also formed a descending triangle, which typically forms ahead of bearish breakouts.
A break below $85 support could thus see a quick retest of resistance-turned-support in the $65 area.
But Solana could well head back to new yearly highs next.
Spot Bitcoin ETF hype has built this week amid expectations the SEC will give the green light by Wednesday.
This could trigger a sudden surge in crypto market risk appetite, sending high beta coins like SOL skyrocketing.
If SOL breaks its downtrend from the December highs, a pump to April 2022 highs in the $140s could be next.
Longer-term Solana price predictions remain positive given most think we
